Elon Musk hits the world of cryptocurrency

Yesterday, the world woke up to the shocking news that Elon Musk has made a conscious decision to enter into the cryptocurrency world with his startup organization, The Boring Company that now accepts Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

The Boring Company Brief History

Sometime back in mid-2016, Elon Musk revealed his intentions of taking his latest business idea underground. The young serial entrepreneur who also happens to be the CEO of SpaceX and Tesla revealed his plans in April 2016 for the Boring Company, a business venture that focuses on exploring ways to cut tunneling costs with the intention to alleviate traffic overcrowding on roadways and freeways.

The Boring company was founded in 2016 and is guided by the mission to work tirelessly to eradicate traffic jams by constructing a web of underground tunnels that are meant to facilitate a new way to move from one location to another quickly. With the construction of its first test tunnel in LA, Elon decided to trade a line of unique products that include hats and the now well-known Not-A-Flamethrower, a line of businesses to promote the project.

You can now buy the company’s unfamiliar fire-related products using the four leading virtual currencies in the market, in addition to the traditional modes of payment. The Boring Company also selected Coinbase Commerce to be their payment processor for their virtual currencies transactions.

At the time of writing, the flamethrower is exchanging at 500 US dollars, which excludes shipment charges of the product, which is estimated to cost around 0.07 Bitcoins, 1.2 BCH, 2.4 ETH, and 9.6 Ethereum virtual coins, according to current CoinMarketCap prices.

Cryptocurrency and Elon Musk

The young entrepreneur has stood out of the crowd to curve a name for his own as a successful industrialist, builder of economic projects such as PayPal and Tesla, and an avid supporter of the technology. On launching the PayPal service, Elon had the vision to make it an online settlement processor that resembles today’s virtual currencies mode of operation rather than financial institutions and banks.

Despite the countless crypto-scammers on social media with his name, and which Elon tries to combat, he is yet to have a greater approach to virtual assets. It was this year in September when Elon approached the developer of DogeCoin, Jackson Palmer, to assist him in looking for a solution that would eradicate the influence of scammers and robots that are in plenty on Twitter tarnishing his name by stealing his identity to commit cybercrimes.

Also, earlier this year, the aerospace engineer made it known that he is a crypto investor by revealing that he had invested a considerable amount of his wealth into virtual currencies. He categorically exclaimed his ownership of 25 Bitcoins that were donated to him by a close friend some years ago.

It looks like 2018 was a busy year for the billionaire as he has had several categorically engagements with cryptocurrency this year. He was seen walking with a cryptocurrency book in March.

Elon Musk estimated worth is believed to be over 20 billion US dollars based on the information availed to us by Bloomberg Billionaires Index. Although his investment towards cryptocurrency does not have any significant value as compared to his net worth, this still is a good sign from the entrepreneur.

His mental stability continues to be questioned by many media outlets, seems it is hard to be as open-minded as he is and not be questioned about your mental capabilities. But Elon is doing a fantastic job in the area of construction and business, in general, coming up with cool inventions every day. Way to go Elon, the whole crypto sphere welcomes you.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.